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Betting Odds Explained - Description of Different Formats!
24th January, 15:48Betting is a challenging game, particularly if you are a first-timer. Still, the attraction of making money with it is such that almost everyone wants to try it. Beyond presenting the opportunity to make money, it lets you experience thrill as well. The most important aspect of betting successfully is to understand the odds. Betting odds are basically the probability of an event taking place and enable you to calculate the amount you will make if your bet wins. This can be quite complicated whether you are into sports betting, casino gambling or any other form of betting. In fact, you cannot expect to become a successful bettor without a fair idea about the various types of betting odds.
The first thing that you need to do before jumping into the betting domain is to train yourself about the different types of odds. Even before that, you need to know the types of betting odds that are used. Additionally, you should be able to read and understand these formats as well. While these formats differ in terms of their geographical usage, they are also different in the way they present the odds. Here are the detailed descriptions of the main types of betting odds that are a part of the betting industry.
Fractional Odds: As the name suggests, fractional odds are the ones that are presented as simple fractions. So if you see a / sign, you are dealing with fractional odds. Also known as British odds, these are widely used by the British and Irish bookies. The best thing about these odds is that they are perhaps the simplest to understand. The fraction lets you calculate the likelihood of an event happening (or not happening) based on a simple fractional calculation. For example, if the betting odds are 3/2, you will earn $3 for every $2 you place on a game. As simple as that! In this system, an even money payout equals 1/1. If the payoff is less than even money, it will be represented by less than one fraction. For instance, with odds of 1/2, you would earn $1 for every $2 spent.
US Odds: US odds are also known as Moneyline odds. Commonly used in the United States of America and Canada, these odds are represented by positive/negative numbers. Basically, they are always indicated by three-digit numbers more than 100. The odds for the favorites have a minus sign and indicate the amount that you require to stake for winning $100. Conversely, those for the underdogs have a plus sign and show the amount that will be won for every $100 stake. In sportsbooks, negative numbers represent bets which pay off less than even money and positive numbers represent profit when you bet $100 or more. Just as it happens with the fractional odds,-200 dollars means that you have to place $200 to earn $100, and +150 dollars means that your earnings will be $150 when you place a bet of $100.
Implied Probability - When you talk about betting odds, you cannot overlook the concept of implied probability. Rather, it is one of the essential concepts that are used in different market transactions, including bonds, options, stocks, swaps, and currency markets. Even if you plan to wager on sportsbooks like Betnow.eu, you will still have to know what implied probability is. In simple terms, implied probability in the betting industry is the conversion of conventional odds into a percentage. They take into account the standard house edge and eliminate the house edge to express the odds as 'true' betting odds. This gives you more clarity about the relationship between your stake and profits before placing your bets.
Indonesian Odds: As the name implies, Indonesian odds are followed in this part of the world. Though the country does not have betting shops, residents who want to enjoy the thrill of the sport can do it via online bookmarkers hosted elsewhere. Similar to US odds in most cases, Indonesia odds are also represented as positive or negative and are set against a base unit. However, the difference is that Indonesian odds based on 1.00 unit stales instead of a 100.0 unit stake as in US odds. When the number is negative with Indonesia's odds, they signify the stakes needed to earn a profit of 1. Positive numbers represent the profit earned for a stake of 1.
Decimal Odds: Most commonly used in Europe, these odds are also referred to as European odds and are represented as numbers more than one. They signify the amount you will earn for every dollar you place on the bet, including the original bet. For instance, 1.50 decimal odds would mean that you would earn 50 cents for every $1 you place. Similarly, Hong Kong bets follow the same pattern. Contrary to popular belief, these odds are easy to understand and can be figured out easily if you know Decimal odds. You can easily spot the favorites and underdogs by just looking at the numbers, which is the reason why they are simple to understand even for beginners. Moreover, there is an increasing inclination towards the usage of this format of betting odds.
A good understanding of odds is always helpful for a bettor as it makes betting a lot easier than expected. In the contemporary industry, betting online gives you the opportunity to change back and forth between many kinds of betting odds. Most of the online betting websites come with a feature that bettors can use to switch between different formats in the most hassle-free manner. All you need to do is to know the account settings that you can use for this purpose and you are good to go. Therefore, if you're experiencing any problems while understanding any particular type of betting odds, you can convert it to another before placing your bets. The calculation is done by the bookmarker automatically. Obviously, you need not do the manual hard work for making the calculations and the risk of errors is also cut to the minimal.